Sobriety has the upper hand, for now, in exploration
A small group of deep-pocketed companies increasingly dominates exploration and, as yet, they are avoiding the boom-and-bust mentality of previous oil cycles.
Westwood Global Energy Group
Costly carbon: North Sea to spend $750 million on emissions allowances in 2022
The UK North Sea is expected to spend $750 million on emissions allowances this year, according to new research, with the price of carbon only set to surge.
Offshore rig day rates heading for highest level in ‘almost a decade’
The offshore drilling rig market is “much tighter” than previously thought, according to new analysis, with some segments “nearly sold-out”.
Operators to retain whip hand in dayrate negotiations, Westwood projects
Westwood Global Energy Group expects rig demand to increase around the world but with no rapid increase in dayrates.
Future ‘very uncertain’ for Aberdeen drilling firm Awilco
Analysts have said it “could be the end of the line” for Aberdeen-headquartered Awilco Drilling after the firm agreed to offload the remains of its fleet.
UK Well Slot: Dana Petroleum spuds Barra South appraisal well
As of 26 April, Westwood Global Energy reports that there is one exploration well and one appraisal well active, in the CNS and NNS respectively. One appraisal well is in the process of being suspended since the last report.
Norway Well Slot: Cambozola, Hamlet and Ormen Lange Deep
As of 26 April, Westwood Global Energy reports that there is one appraisal well and four exploration wells active.
M&A: North Sea deals won’t rush to meet oil price surge
Firms won’t be rushing into deals or investment off the back of higher oil and gas prices – the boom may even be stalling such activity in the North Sea, according to top analysts.
UK well slot – Jaws duds, Edinburgh spuds
As of 25 March, Westwood Global Energy reports that there is one exploration well and one appraisal well active, both in the CNS. One exploration well completed since the last report.
Norway Well Slot- Time to Rokke n’Roll
As of 25 March, Westwood Global Energy reports that there is one appraisal well and four exploration wells active. Three exploration wells are in the Northern North Sea and one in the Norwegian Sea. The appraisal well is in the Norwegian Sea. One exploration well programme has completed since the last report, with the Statfjord Kile well P&A dry. A total of four exploration wells have completed to date in 2022 and none have been successful.
Westwood bolsters rig market capabilities with new senior appointment
Leading energy consultancy Westwood Global Energy Group has appointed a new research director to its RigLogix team.
Westwood Global – Western Europe subsea EPC spend in 2022 expected to hit highest level since 2013
Subsea engineering, procurement and construction (EPC) spend in Western Europe in 2022 is projected to reach its highest level in almost a decade.
With the Cambo licence due to expire soon, what options are open to Siccar Point?
While the future of the Cambo project remains on hold, Siccar Point Energy’s intentions for the scheme could soon become clearer.
Analysts predict surge of idle FPSOs as market overflows
More than 20 floating production storage and offloading (FPSO) vessels are currently awaiting redeployment across the globe.
Norway well slot: Three exploration wells active
Westwood Global Energy reports that there were three exploration wells active as of 24 January. One exploration well has spudded and completed in 2022.
Well slot: Two UK exploration wells active in early 2022
Westwood Global Energy reports that as of 24 January there were two exploration wells active in the UK.
North Sea ‘falling behind’ as global offshore investment returns to pre-pandemic levels
The North Sea is one of just a handful of regions “falling behind” as offshore oil and gas investment returns to pre-pandemic levels around the world.
BP and Rosneft only oil explorers to deliver 1billion+ barrels in 2021
BP and Rosneft were the only companies to deliver more than a billion net barrels of oil equivalent through exploration last year, according to new research.
‘A statesman for the industry’: Tributes paid to Westwood Global founder John Westwood
Tributes have been paid to John Westwood, founder of the namesake energy market analytics firm, who has died aged 76.
Glengorm: Analysts slash estimates for North Sea discovery
The estimates of recoverable barrels for the CNOOC Glengorm discovery have been downgraded by analysts after a disappointing appraisal campaign.
‘Sizeable barriers’ to making UK and Europe hydrogen vision a reality
There are “sizeable barriers” between making the hopper of “proposed” hydrogen projects in the UK and Europe an economic reality, according to new research.
Norway well slot: 34 wells completed so far in 2021
Westwood Global Energy reports that there was one exploration well active as of 16 December. A total of six appraisal wells and 28 exploration wells have completed to date in 2021, from which ten commercial discoveries have been made giving a 36% commercial success rate to date.
Shell Cambo decision deals ‘huge blow’ to wider UK sector
The decision by Shell not to invest in the Cambo project has been deemed a “huge blow” for the UK industry and the potential for emissions-busting technology in the West of Shetland.
Former Westwood CEO sets up new consultancy targeting ‘£821m market opportunity’
A trio of energy analytics heavyweights, who have overseen more than $30billion (£22.5bn) of oil and gas deals, have teamed up to form a new research and consulting firm in Aberdeen.
‘It was arguably a massive let down’ – energy chiefs debate success of COP26
Energy chiefs discussed the main knock-ons for oil and gas of COP26 during a Society of Petroleum Engineers (SPE) webinar yesterday.